USAA won't revoke ACH

As we said in your original topic, you need to tell the executive that you are invoking your rights under regulation E of the FDIC. Tell them you will take action against USAA if they choose not to obey federal law.

Thank you waffles!

I couldn't find my original post because I hadn't registered as a user.

My hide is so chapped from USAA!

Thank you again for the help! I'm going to call them Monday and try again.

No problem, glad to see you registered to the site. make sure you are clear you refuse to pay overdraft fees for unauthorized purchases. Make clear that regardless of the agreement you signed with the lender (specifically state that the lender's agreement is null and void due to your state law so it has no bearing anyway) you are invoking regulation E and if the bank chooses to deny your right to invoke, you will take action with the OCC and the FDIC. Federal reserve too while oyu're at it.

Just resent my email to USAA as their phone line had a 2 hour wait. Yeah, 2 hours!

I also submitted info from the Indiana Department of Financial Institution and my original email to National Payday.

I also made sure to let them know I was invoke my right under Reg E of the FDIC to revoke my ACH authorization.

I am so sick of this!

Hang in there! It does get better.

Thank you for your email regarding the account ending in 9594. Please note we have forwarded the documents regarding the loan from National Payday for further review and processing. Please note to place as stop payment on this merchant, there is a $29.00 fee. We can place the stop payment, in any amount. However, some businesses use multiple IDs. Payday-loan and cash-advance businesses use multiple merchant IDs, so we can't guarantee that a stop payment will be successful. For this reason, we highly recommend that you contact the merchant directly to resolve this matter.

You always have the option of establishing a new account online, and closing this account once it has been opened and all automatic deposits and transfers have been completed. Simply select the product link from the homepage to proceed and send us a request when ready to close the existing account.
We value your business and the opportunity to serve all your financial needs.
Thank you,

Jennifer Morgan
USAA

This is the follow up I just received. I don't want to stop payment... I demanded to revoke ACH authorization!

Do I just send my previous email again??? I'm so irritated.

You're not revoking ACH authorization with the bank. You're supplying the bank with a copy of the ACH revocation you provided to the lender. You have revoked the LENDER'S ACH authorization. The only reason the bank gets this is so that if the LENDER doesn't honor it, you can show them that you revoked it prior to their trying to debit your account and they will reverse it.

You need to CLOSE the account.

Just close it and open a new one. Frankly, I'd open the new one at a different bank.

But she did try to revoke ACH authorization with the lender and the bank refused to comply. If you look above, you'll see that the bank told the OP that they will not honor her revocation letter as it was an agreement with her and the lender.

Which is none of their business.

Here's a perfect example:

Say person A loans person B $1000 with the agreement that the money would be paid back in 90 days. So, in 90 days, person B writes a check to person A for the $1000. Later that day, person B calls person A and says, "hey, don't cash that check. I don't have enough in my account to cover it." Person A says, "screw you, I'm cashing it." So, person B goes to his bank and puts a stop payment on the check.

Is it the bank's place to say, "well now, you had an agreement with person A to pay back the money so we can't get involved. You'll have to work it out with him."

NO! They don't! Because it's NONE OF THEIR BUSINESS!

The account is yours. You have the right, by law, to revoke ACH authorization. You should file a complaint with the OCC and the FRB against your bank for not following Regulation E.

What they're doing to you is BS!

I'm well aware of that - and that's what I have been saying throughout this thread. You work for a bank.. though I don't work for the banking side when I am sent to work in the branches once in a while I know this for a fact. If the account holder is not aware of reg E they will refuse to honor the ACH revocation. It's bascailly unwritten policy.

I'm ready to beat my head on this desk...

Today I woke up to 2 NSF fees of $29 each and a stop payment of $29.

Here is my follow up email that I send. I had to stand outside before composing this as I didn't want to threaten anyone's life.

Today I see that not only have 2 NSF fees of $29 posted to this account, I also have a $29 stop payment as well. I did NOT authorize this stop payment fee and demand that it be taken off this account. I am not paying this stop payment fee as I did not authorize it. (Please check my previous messages for confirmation.)

I have filed complaints with the OCC and FRB as you are not allowing me my right of Reg. E of the FDIC.
205.10 Preauthorized transfers.
(c) Consumer's right to stop payment--(1) Notice. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.


Please reverse the NSF fees that should not have occurred as I revoked National Payday's ACH authorization and the Stop Payment fee that I also did not authorize.

Thank you.

You need to stop emailing them and go in to sit down with someone at the branch.

I don't have a branch anywhere near me.

I live in Indiana.

Oh my gosh, I am so sorry that you are having so much trouble. Hopefully, all the experts here can figure this one out.

Then call. Emailing back and forth is wasting time. You need to talk to someone, thoroughly explain the situation and get this taken care of. Frankly, I'd dump them as my bank and let them know I'm doing so. I'd also write a letter to their Board of Directors to let them know how they're handling things.

After an hour of being on the phone, I am being pushed over to the research stage.

I informed the rep I spoke with of my rights, what I've done to legally protect myself, and how I would be taking our banking business elsewhere. I also let her know I had filed complaints against the bank with the OCC and FRB.

She put me on hold and said the research department would start investigating it and would get back to me by 9/19/2012.

Is this good news??

I think now you have them worried. Hopefully, they will comply with your wishes. Keeping fingers crossed!

I just want them to comply with the law and protect me.

I still haven't received any kind of correspondence from National Payday, well other than the 9 phone calls from a 011 number.

I will be calling USAA on the 19th.

I'll be glad to put this nightmare behind me.

It's a shame that you had to resort to these tactics to get the bank to provide what is legally your right. Hopefully, this will be handled as quickly as possible so that you can put this behind you. Good luck, again!

Ohiogal, as I said before USAA does not have branches. They have 10~ or so financial centers near large military installations, but that's it. They are solely an online bank.

Just curious, are you a veteran or do you have family membership? If it's the former and your complaint ends up at the right level, expect massive compensation.

Thanks, waffles. I didn't see that.

Glad they're looking into this for you. Once you get it squared away, ask for some recompense and then take your business elsewhere :)

Is it common for them to research this type of thing?

I do not have a family membership. I have been with this bank for quite a while though so I don't understand why I'm having such difficulty getting this resolved.

I've never even had an overdraft with them. Well, until this weekend...

They probably referred to a management department or something.

USAA would not work with me at all, on this. They eventually closed out my acct after 30days of being overdrawn and no deposits were made. I ended owing them because my acct was in the negative.

Good Luck with them.

Follow up to my phone call.

This time I spoke with someone in deposits. I got quite a bit of run-around again and almost felt as though I was being accused of doing something wrong.

I didn't falter and stuck to what I'd been saying all along. This is so frustrating!

I was told that I needed to send in a request for a hard stop payment (not even sure what that means) and then I have to sign and have notarized 2 forms, one stating I didn't authorize the withdrawl and another stating that I had revoked the company's ACH withdraw authorization.

I am in the process of switching over my deposits to a new bank now. This is unbelievable ridiculous!

Even after this is all worked out, I'm not banking with USAA ever again. I have never felt more disrespected or made to feel like a criminal in my life.

Just get rid of them at this point and write a letter to the CEO's office requesting all the fees refunded. I'll guarantee that within a month you'll get a check for a few hundred bucks.

Well it's over, I think. :)

Today all my fees were refunded and now my account sits at a $0 balance.

Now after 24hrs I will be closing this account to never look back.

I still have not received any correspondence from National Payday so I'm unsure of where to send the principle and who to deal with.

I have sent 5 correspondence emails and honestly, I'm done trying. If they want anymore money from me, they know my email address.

Congratulations! Personally, after 5 emails and no response from them, I would just forget about paying the principal. If they definitely want their money, they should respond. Best of luck to you.

Great news!

Great to hear, told you sending mail to the CEO works!!!

As for paying back the principle, forget it at this point. Many lenders make more money selling it to a junk debt buyer. This is actually better for all parties that way. The lender gets his/her money back, and you don't have to pay the CA - you can just C and D them. At that point it's not a matter of morally returning the money.

I'm so thankful I found you all when I did. :)

Everyone here has been so upfront and helpful.

I'm done with the payday loans forever and I'm going to get this debt crap kicked in the rear now. :)

Glad we were able to help!